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2010 (12) TMI 706 - AT - Income TaxUnexplained income/cash credits u/s 68 - Since, the amount has by an error been shown to have been received from Shri Reetinder Sidhu. as reflected in the balance sheet of the assessee company but in fact is the amount received from his mother Smt. Pritpal Kaur - The evidence of money received by Smt. Pritpal Kaur vide cheques/drafts from her son is furnished on record - In the absence of any contrary findings, we uphold the order of CIT(A) in holding that once the assessee has established the identity, creditworthiness and genuineness of the transactions, there is no merit in the addition under s. 68 of the IT Act.- Appeal of the Revenue dismissed.
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